Do I Need a Living Trust? Cleveland Elder Law Attorney
You may think that only extremely wealthy individuals need a Living Trust. Nothing could be farther from the truth! The purpose of a Living Trust is to designate someone as the "Trustee" of your estate. This person will manage your trust estate after you are gone. In a Living Trust, [...]
Does Everyone Need a Living Trust? Cleveland Elder Law Attorney
We discuss Living Trusts a lot on our blog, and that is largely due to the fact that Living Trusts have so many advantages over other types of estate plans. However, not everyone needs a Living Trust. It is very possible to pass property via the following: Utilizing beneficiary designations [...]
Does a Simple Will Take Care of Everything? Cleveland Elder Law Attorney
Many people assume that once a simple will is complete, their estate is safe and their loved ones protected. This misconception is likely due to the vast number of "fill in the blank" legal documents available online, and the number of kits that can be purchased at office supply stores. [...]
Wills and Spouses- Cleveland Elder Law Attorney
It is a common assumption that if you do not have a Will, and pass away, that your spouse will inherit everything. While each state has its own unique laws that outline how property is handled, in most states it is not automatically assumed that the spouse will gain all [...]
The Issues Facing Seniors
Like most of us, you"ll likely experience more than a couple of unexpected events in your life that cause you to re-think your long-term financial plans. These unexpected life events can take a heavy toll not only your mental and emotional well-being, but on your financial well-being as well. Whether [...]
How to Pay for Long-Term Care for Alzheimer’s Patients- Cleveland Elder Law Attorney
Once the initial shock of a diagnosis of Alzheimer's has passed, the immediate panic of "How do we pay for long-term care?" typically sets in. Most people make the decision to move to assisted living or nursing home care during periods of great stress. Finding the right facility can be [...]
Will Avoiding Probate Help Save on Taxes?- Cleveland Elder Law Attorney
If you are estate planning and are unfamiliar with the proceedings, you may wonder if avoiding probate proceedings would help lower the estate's tax liability. Unfortunately, whether your estate goes to probate or not has zero affect on your estate's tax planning. The two are very separate. Probate is the [...]
Is Probate Expensive? Cleveland Elder Law Attorney
There are several elements that should be considered when determining the cost of probate proceedings. Each state has its own laws that determine formal probate costs. Typically, these fees include: Attorney fees Executor fees Court filing fees Miscellaneous costs The cost of the attorney and executor is determined by the [...]